“French voters still don’t have a convincing pro-growth option.” While “Sunday’s first round of voting in French municipal elections won’t much affect national policy… it does send a signal about where the electorate stands.” The majority voted “for manifestos that would consign France to more economic stagnation.”

“Debt forgiveness tied to pro-growth economic reforms would help” both Greece and Germany. Europe’s most powerful nation would actually stand “to gain a lot. Its refusal to countenance further debt relief is economically damaging and politically dangerous. For its own sake, Germany should think again.”